MarketPR

Ackman and Tepper raised Meta Platforms stakes in Q2, with costs now the central question for the tape

9/8/2026

Form 13F filings for the second quarter reveal that Bill Ackman's Pershing Square raised its Meta Platforms (Nasdaq: META) position by 20%, bringing the holding to nearly 10% of the fund, while David Tepper's Appaloosa Management grew its Meta stake by more than 50%, to a 5% portfolio weight.

The filings reflect positions as of June 30. The stock has declined roughly 3% since that date and is down around 6% from April 1.

The cost structure the market is pricing Second quarter results delivered 28% revenue growth, but operating expenses climbed 55%, squeezing operating margins and prompting a sell-off after the earnings print.

The cost expansion traces to Meta's AI computing infrastructure build-out, a program large enough that CEO Mark Zuckerberg released an extended document on the company's AI plans after investor questions intensified.